Sandy Spring Bank Has $76,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sandy Spring Bank grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 87.2% in the 4th quarter, HoldingsChannel reports. The fund owned 2,042 shares of the company’s stock after purchasing an additional 951 shares during the quarter. Sandy Spring Bank’s holdings in DraftKings were worth $76,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its position in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after buying an additional 26,164 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after buying an additional 86,336 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of DraftKings by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after buying an additional 35,466 shares in the last quarter. Finally, Stifel Financial Corp raised its position in shares of DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after buying an additional 42,431 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DraftKings stock opened at $39.49 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market cap of $19.35 billion, a price-to-earnings ratio of -37.25, a P/E/G ratio of 1.43 and a beta of 2.07. The company’s fifty day moving average is $42.17 and its 200 day moving average is $40.22.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In related news, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,663,966 shares of company stock worth $112,550,362. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of analyst reports. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Benchmark lifted their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 10th. JMP Securities reissued a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Barclays lifted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.